Chinese Demand for Russian King Crab Reshaping Crab Market

Exports of Russian king crab to China have skyrocketed during the first seven months of the this year, due to the ever-growing Chinese demand and the launch of new delivery routes, according to Russian Rosrybolovstvo and senior officials from the Russian Ministry of Agriculture.

Kamchatka crab exports to China during the period of January-July grew by 5.6 times, compared to the same period of last year. The total value of these exports is up to $80 million USD and growing.

In volume terms, the exports amounted to roughly 3,000 tonnes.

The increase of exports is also due to the recent launch of a Kamchatka-Zarubino-Hunchun shipping route at the beginning of the current year, which allowed the delivery of fresh king crab from Russia to China on a daily basis. Previously, Chinese imports of Russian Kamchatka crab to was carried out through Busan, South Korea, which was inconvenient for fisherman and shippers.

According to some Chinese media reports, the increase of Russian imports resulted in a significant decline of crab prices in the Chinese domestic market. However, in Russia, crab prices since the beginning of the current year have grown by 15-20 percent.

According to experts of Russia Rosrybolovstvo, as the Russian currency – the ruble – continues to weaken, exports continue to be more profitable for Russian crab producers, rather than supplies to the domestic market.